phm-20260331

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q


☒			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)
			OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2026


☐			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)
			OF THE SECURITIES EXCHANGE ACT OF 1934

Commission File Number 1-9804

PULTEGROUP, INC.

(Exact name of registrant as specified in its charter)


Michigan			38-2766606
(State or other jurisdiction of incorporation or organization)			(I.R.S. Employer Identification No.)


3350 Peachtree Road NE, Suite 1500
Atlanta,	Georgia	30326
(Address of principal executive offices) (Zip Code)


Registrant’s telephone number, including area code:			404			978-6400

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common Shares, par value $0.01

PHM

New York Stock Exchange

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes [X] No [ ]

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes [X] No [ ]

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer”, “accelerated filer”, “smaller reporting company” and "emerging growth company" in Rule 12b-2 of the Exchange Act. (Check one):

Large accelerated filer

Accelerated filer

Non-accelerated filer

Smaller reporting company

Emerging growth company

☒

☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. [ ]

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes

☐

☒

Number of common shares outstanding as of April 15, 2026: 190,486,353

PULTEGROUP, INC.

TABLE OF CONTENTS


		Page No.
PART I	FINANCIAL INFORMATION

Item 1	Financial Statements

	Condensed Consolidated Balance Sheets at March 31, 2026 and December 31, 2025	3

	Consolidated Statements of Operations for the three months ended March 31, 2026 and 2025	4



	Consolidated Statements of Shareholders' Equity for the three months ended March 31, 2026 and 2025	5

	Consolidated Statements of Cash Flows for the three months ended March 31, 2026 and 2025	6

	Notes to Condensed Consolidated Financial Statements	7

Item 2	Management's Discussion and Analysis of Financial Condition and Results of Operations	23

Item 3	Quantitative and Qualitative Disclosures About Market Risk	38

Item 4	Controls and Procedures	39

PART II	OTHER INFORMATION	39

Item 1	Legal Proceedings	39

Item 1A	Risk Factors	39

Item 2	Unregistered Sales of Equity Securities and Use of Proceeds	40

Item 5	Other Information	40

Item 6	Exhibits	41

	Signatures	42

PART I. FINANCIAL INFORMATION

Item 1. Financial Statements

PULTEGROUP, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

($000’s omitted)


	March 31, 2026		December 31, 2025
	(Unaudited)
ASSETS

Cash and equivalents	$	1,807,020	$	1,980,869
Restricted cash	36,368		27,907
Total cash, cash equivalents, and restricted cash	1,843,388		2,008,776
House and land inventory	13,301,028		12,925,413

Residential mortgage loans available-for-sale	509,270		613,665
Investments in unconsolidated entities	168,139		167,342
Other assets	2,260,830		2,217,483
Goodwill	40,377		40,377
Other intangible assets	24,798		26,210
Deferred tax assets	48,150		49,157
	$	18,195,980	$	18,048,423

LIABILITIES AND SHAREHOLDERS’ EQUITY

Liabilities:
Accounts payable	$	688,539	$	724,885
Customer deposits	466,554		387,837
Deferred tax liabilities	456,784		448,493
Accrued and other liabilities	1,354,128		1,338,330
Financial Services debt	455,052		532,338

Notes payable	1,820,771		1,631,098
	5,241,828		5,062,981
Shareholders' equity	12,954,152		12,985,442
	$	18,195,980	$	18,048,423

See accompanying Notes to Condensed Consolidated Financial Statements.

PULTEGROUP, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

(000’s omitted, except per share data)

(Unaudited)


	Three Months Ended
	March 31,
	2026		2025
Revenues:
Homebuilding
Home sale revenues	$	3,307,510	$	3,749,269
Land sale and other revenues	29,315		52,554
	3,336,825		3,801,823
Financial Services	71,747		90,827
Total revenues	3,408,572		3,892,650

Homebuilding Cost of Revenues:
Home sale cost of revenues	(2,500,153)		(2,719,115)
Land sale and other cost of revenues	(27,148)		(50,955)
	(2,527,301)		(2,770,070)

Financial Services expenses	(59,165)		(54,970)
Selling, general, and administrative expenses	(380,334)		(393,337)
Equity income from unconsolidated entities, net	879		502

Other income, net	6,745		6,362
Income before income taxes	449,396		681,137
Income tax expense	(102,400)		(158,338)
Net income	$	346,996	$	522,799

Per share:
Basic earnings	$	1.81	$	2.59
Diluted earnings	$	1.79	$	2.57
Cash dividends declared	$	0.26	$	0.22

Number of shares used in calculation:
Basic	192,088		202,063
Effect of dilutive securities	1,315		1,601
Diluted	193,403		203,664

See accompanying Notes to Condensed Consolidated Financial Statements.

PULTEGROUP, INC.

CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY

(000's omitted)

(Unaudited)


				Additional Paid-in Capital		Retained Earnings		Total
	Common Stock
	Shares	$
Shareholders' equity, December 31, 2025	192,725	$	1,927	$	3,488,924	$	9,494,591	$	12,985,442
Share issuances	465	5		(8)		—		(3)
Dividends declared	—	—		—		(50,151)		(50,151)
Share repurchases	(2,419)	(24)		—		(308,159)		(308,183)
Excise tax on share repurchases	—	—		—		(2,489)		(2,489)
Cash paid for shares withheld for taxes	—	—		—		(36,814)		(36,814)
Share-based compensation	—	—

SEC Form 10-Q filed by PulteGroup Inc.